In the Adjustments Columns of the Work Sheet, the Credit

question 97

Multiple Choice

In the Adjustments columns of the work sheet, the credit to the Merchandise Inventory account (using the periodic system) represents

• A) beginning inventory.
• B) ending inventory.
• C) the difference between the beginning and the ending inventory.
• D) the balance owed to creditors for inventory.
• E) net income.

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Definitions:

Freudian Slip

An unintentional error in speech or action that is interpreted as revealing subconscious thoughts or desires.

Conscious

The state of being aware of and able to think about one's own existence, sensations, thoughts, surroundings, etc.

Ego

In psychoanalytic theory, the part of the personality that mediates between the conscious and unconscious and is responsible for reality testing and a sense of personal identity.

Id

A component of the psychoanalytic theory representing the instinctual drives and unconscious desires.